Harvard economics Ph.D. (1927), Arthur William Marget (1899-1962), went on to teach at the University of Minnesota (ca 1927-1941) after which he began his second career as an economist at the Fed in Washington, D.C. Of particular interest in this posting is the reference letter sent by Allyn Young to the University of Chicago that is both glowing and explicit about his assistant’s handicap—“one of the chosen people”, i.e. a Jew.
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From the AEA 1957 Handbook of Members
Marget, Arthur William, Bd. of Gov. Fed. Res. System, Washington 25, D.C. (1926 [began membership in AEA]) Bd. of Gov. of Fed. Res. System, dir., Div. of Int. Fin.; b. 1899; A.B., 1920, A.M., 1921, Ph.D., 1927, Harvard; 1920, Univ. of Cambridge; 1921, Univ. of London; 1921, Univ. of Berlin. Fields 7a [Money, Credit, and Banking: Monetary Theory and Policy], 9b [International Economics: Foreign Exchange, International Finance], 2c [History of Economic Thought]. Doc. dis. Loan fund: pecuniary approach to problem of determination of rate of interest. Pub. Theory of prices (Prentice-Hall, 1938, 1942); “Leon Walras and ‘Cash balance approach’ to problem of value of money,” J. P. E., 1931; “Monetary aspects of Schumpeterian system,” Rev. of Econ. and Statis., 1951. Dir. W. W. in Amer., Dir. of Amer. Schol.
Source: American Economic Review, Vol. 47, No. 4. Handbook of the American Economic Association (July, 1957), p. 189.
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[ALLYN ABBOTT] YOUNG’S COMMENTS ON A. W. MARGET
[undated, Either 1926 or 1927. A typed copy of an excerpt from a letter by Young]
“The man who has been my assistant for the past three years is taking his degree this year. He has written a very brilliant thesis on “The Loan Fund: A Pecuniary Theory of Interest.” In erudition and cleverness he is as good as any man I have ever had, although I do not think he strikes as deeply in his thinking as the best of them. He graduated at the head of his class at Harvard, and was Phi Beta Kappa Marshal. Harvard sent him abroad on a traveling fellowship for a year, and he has been here for five subsequent years. He writes well and teaches well. All in all he is easily the best product we are turning out this year, and with the exception of James Angell he is as good as we have turned out in years. Now you will ask, ‘What’s wrong?’ His name is A. W. Marget and he is one of the chosen people. More than that he looks it. He is brilliant, loyal, and so good a teacher that he is quite popular among the Harvard undergraduates. The only thing that stands between him and success is his race. If you don’t fill your place next year, you might do worse than to take him on for a year’s trial.”
Source: University of Chicago Archives. Department of Economics, Records. Box 38, Folder 1.
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PRICE GREENLEAF AWARDS MADE
Fifty-Four Freshmen Received Benefits From Endowment Fund.
Fifty-four members of the Freshman Class have been awarded Price Greenleaf aid assignments for 1916-17. These awards represent part of an annual appropriation of $16,000 given to the University by the bequest of Ezekiel Price Greenleaf, of Quincy, who is also the founder of ten Price Greenleaf scholarships.
The income of the Price Greenleaf fund is distributed in sums from $100 to $250 a year, to undergraduates in the first year of their residence and to deserving students who have not succeeded in the competition for scholarships.
A subsequent award will be made in February to some other first year students of high standing. Following are those who have received the awards:
…Arthur William Marget…
Source: The Harvard Crimson, November 1, 1916.
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ADMISSION EXAMINATION HONOR LIST ANNOUNCED
Boston Latin School Leads Number With Exeter Second and St. Paul’s and Newton Third.
The Committee on Admission has issued a list of the Freshmen whose entire entrance examination records have attained an average grade of work worthy of honorable mention. This is published in accordance with a vote of the Faculty of Arts and Sciences, June 2, 1914, authorizing the Committee on Admission to publish each year after the September examinations, a list of those candidates for admission who passed this examination with high grades. This list also gives the names of the students’ schools and the titles of any scholarships they may have received. Boston Latin School leads this year with nine representatives on the list. Exeter is second with seven, and St. Paul’s School, of Concord, N. H., and Newton High School come next with four apiece….
… Arthur William Marget, Boston Latin, (Price Greenleaf Aid)…
Source: The Harvard Crimson, November 25, 1916.
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Marget Elected Marshal of Scholars
Arthur William Marget 1G, of Roxbury, has been elected First Marshal of the Phi Beta Kappa Society at the University, an office which each year goes to the student ranking highest in his studies. Marget completed the College course in three years, graduated with the class of 1919, and is now attending the Graduate School of Arts and Sciences.
Source: The Harvard Crimson, November 12, 1919.
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Image Source: Arthur William Marget in Harvard Album 1928.